Income Tax Day: 4 Important Things Women Must Know About Income Tax And Planning Finances
Take control of your finances, ladies!
Women are known to let the men in their lives manage their personal finance including their income tax returns and investments but it’s time we learn how to manage our money. And while all this might seem complicated, it really isn’t. To make all of your lives easier, we’ve listed down some simple things that women must know about income tax and filing income tax returns.
4 Things Women Must Know About Income Tax
1. Important Dates For ITR Filing
The last date for filing the Income Tax Return for the financial year 2022-23 is July 31, 2023. In case you miss the ITR filing deadline, you can file a belated ITR till December 31 but you will have to pay a late filing fee. The deadline for ITR is July 31 and late ITR is December 31 unless changed by the Indian government.
Also Read: From Insurance Policies To Investments, 4 Effective Ways To Save Taxes And Do Adulting Right!
2. Income Tax Slabs (Old And New)
For women who earn up to Rs 3 lakhs, there is no tax. From 3 to 6 lakh, 5% of total income over 3 lakhs is taxable. For those with income between 6 to 9 lakhs, Rs 15,000 plus 10% of income over 6 lakhs is taxable. Between 9 to 12 lakhs, Rs 45,000 plus 15% of the total income exceeding 9 lakhs has to be paid as tax. For women who earn between 12 to 15 lakhs, Rs 90,000 has to be paid as tax along with 20% tax on income over 12 lakhs. Anyone who earns over 15 lakhs per annum needs to pay Rs 1.5 lakhs as tax plus 30% tax on the income over 15 lakhs.
3. Income Tax Exemptions For Women
Women taxpayers get tax exemption under the new tax regime under Section 80CCD (1B). Under this section, any additional contribution towards the National pension Scheme of up to Rs 50,000 is exempted from tax. Conveyance allowance, travel compensation, interest on home loan on rental property, leave encashment and gratuity amount are exempted from tax among other things.
Also Read: How To Negotiate Salary With HR? Remember These 4 Tips Because Yeh Skill Bhi Zaroori Hai!
4. How To Calculate Taxable Income?
Any income earned from salary, house property, business and profession, capital gains, and any other sources like interest on fixed deposits, savings accounts, etc, are taxable.
Bookmark this information for your benefit and financial planning, ladies!
Image Credits: Freepik
First Published: July 24, 2023 5:30 PM
